Goodfriend thought the impact of QE was questionable, at best. Instead he made a case for an even more unorthodox idea: negative interest rates. He conceded, however, that a sustained policy of negative rates might require abolishing paper currency, a step that would likely prove unpopular.

In other words, Goodfriend has problems with the radical policy of QE. The solution? The ultra-radical policy of negative interest rates.

As Tho Bishop has pointed out[3], multiple vacancies on the Fed board gives Donald Tump the opportunity to drastically move the Fed in a new direction. So far, though, we're just looking at more of the same.